New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-08-28
CALIFORNIA TOPICS.
MR.. MACKAY AND The WHEAT DEAL-WlLD
LAND SPECULATION.
rry TELEGRAPH TO THE TRrsUsE.I

craphed to some of the papers here. MI he'u'
who has since his return from Alaska been stay
ING at Mllrae, was seen there yesterday about IL.
He said his paper wanted the news, wanted IL
inst right and would be very sorry II any CORE
spondent had made mistake about MT MacNhs'
lie had not seen the letter in The Ilrpuhc U
which Mr. Maclxay referred, and had only seen
the SYNOPSIS of Mr.. Mackays talk as pr'hoeu "
"The San Francisco Call" He could hardy DC
,ieye IL represented Mr.. Mac<ay correctly put nc
added that il il is correct Mr.. Mackay seems W
have lost his head He has been denying that he
had ANYTHING 10 do with the wheat deal ever sii0'
no landed in New-York lie has declared o'er
and over again that he did not hoid pouhu vi
wheat: that his partner did not, ana tnao '"oi'
hank did not. Now he turns square AROUND say
he does hold wheat, thinks 1T good thins "
hold and means TO hold every bushei Oh IL VII tho
English milcrs want 1t at his price IL W.
n,ac,,ov has really been talking In this way nc
lad better make his own stories hold tosether
before he goes slashing around about what other
peonle saw. calling hard names and dragging into
his interviews people who have been paying ho
attention to him or his affairs.
Nothing to equal the present land speculative
craze has occurred for many years. Aoouo ono
month ago intimation was gwen that ooopn
might be expected soon in otuside iots near
Golden Gate Park. This territory CONSISTS Vi
shifting sand dunes south of the Park ana lupihe
covered sand hills TO the north. One year ago
blocks sold for from six hundred 10 one thousand
dollars each according to dis stance from the park
last yee], the speculative excitement began ana
priees have been rapidly showed up until now
blocks adjoining the park bring twelve thousand
dollars. while the cheapest blocks are quoted at
$4,000 and $4,000. Thrifty real estate agents
are cutting these blocks into lots 25 by 100 leet
and find ready sale for them AZ from S2oo 70
$500. As it will be twenty years before the
city reaches this district this price is excessive.
The result will be that many purchasers VIII
never make more than the first payment. Du1
the city boom is entirely echpsed by the wiz
gambling in land and town lots at San Jose ana
Oakland, Several real estate agents engineered
the boom at San JOSE which is in the heart OF
the rich Santa Clara Valley. Capitalists rushed
i'm and prices have increased fvefold witlih d
fortnight Ranch land that was held at TWO
hundred dollars an acre last menth now commands
one thousand. while owners OF business ana resi-
dence property scarcely know what prlce 10 ask
Syndicates have purchased large tracts near
San Jose and are running excursion trains from
this city and selling lots at auction. In TINS way
n tract that costs $4,000 is made to realize
not over one-third being put up in cash. The
same devices to stimulate speculation which proved
SO successful in Los Angeles are tried at San jose
In Oakland and Alameda the land craze al'O
RACES, women being among the most recAIe's
SPECTATORS There has been advance of one
hundred per cent in city and suburban property,
but most of the sales small margins, and
in a few months this unhealthy ACTIVITY VIII
probably collalse. Meanwhile score OF the
interior towns have caught the fever and gam
bling in corner lots and ranches goes on
The price of wheat dropped steadily during the
week, but it must be said for the bonanza clique
that they have shown nerve and have met ali
payments promptly. An effort was maze III
Chicago TO create the impression that panic
was imminent here and that one house HAD lallcd
70 deliver 10000, 600 bushels The report was
without foundation. Nothing is likely TO occur
before the LIST OF September when a quarter OF the
wheat under old contracts is deliverable
One of the early landmarks of the city, the
old Portsmouth House, the northeast corner OF
Clay and Dupont sts, will be removed at the
end of this month. The building was the post
Office in carly fifties, and was the centre OF
gambling saloons. The property was bought last
year by rich Chinese merchant for $4,000. lie
will build a large brick block for stores and
ivdging houses.
An ANALYSIS will he made by local meta llurgsts
Of the Chlcat meteorite now in the Mining Bureou.
1t fell over one hundred years ago in Alaska and
was hell sacred by the Indians. There Is pos
sibity OF the discovery Of q new metal In this
stone.
The new hotel built by the State in Yosemite
Valley has been leased and by another season
tourists will find good accommodations. The
board at various Yosemite hotels has always been
good, but the buildings were little better IMAM
barns with no modern convenlenccs. The new
hotel is called Stoncman House, In honor OF the
Ex-Governor, and is situated directly at the foot
of Glacier Point trail. The commissioner Will
also endeavor 10 improve saddle horse service
IN the Valley.
The reduction OF railroad passenger rates an
nounced by the Southern Pacific Company TO go
into effect next Thursday is OF great Importance
TO the travelling public. The reduction Is from
Six and four cents per mile TO five and three
cents. Thus the OH rate to Los Angeles from
San Francisco was S21 20, while the new rate
will be SIS. Monthly Communication tickets To
suburban towns viii be reduced III like measure.
Ferryboats TO Oakland will be run every fifteen
minutes, and swift morning and evening trains
will be run to San Jose.
This week daily fruit trains have be run through
10 the East from Sacramento thus relieving the
strain on the passenger trains. When the last
fruit service was begun on the Central and Union
Pacific roads only two trains were dispatched
weekly but the business has increased so rapidly
that now ten or twelve cars daily are required.
One of the largest consumers OF California fruit
is Minnesota several hundred carloads having been
sent 10 st. Paul and Minneapolis this season.
San Francisco trade with the Orient has suffered
this year because OF the rise in wheat and the
consequent suspension OF flour mills The total
value of the shipments Of merchandise 10 China
for the year up TO August was sl,6O0,OOO, while
the value OF the shpments TO Japan was
100000. This falling of OF $780, 600
in the total shipments and increase of $3.50, 900
In the shipments 10 Japan over last year. The
treasure shipment TO China this year amounts to
100000 OF the China shipments S2,700000
was in Mexican dollars and 100000 in
bullion. The Japan shipment was wholly bullion
An extraordinary catch of salmon is reported
from Kadralk Island, Alaska. by July 12 the
catch was sufficient TO ill thirty thousand cases.
Throughout Alaska the catch is so great as TO
Offset the partial failure of the Columbia River